U.S. agricultural futures fall

By Xu Jing

CHICAGO, July 1 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures fell across the board on Friday, led by wheat and soybean.

The most active corn contract for December delivery fell 12.25 cents, or 1.98 percent, to settle at 6.075 U.S. dollars per bushel. September wheat lost 38 cents, or 4.3 percent, to settle at 8.46 dollars per bushel. November soybean plunged 62.75 cents, or 4.3 percent, to settle at 13.9525 dollars per bushel.

Global agricultural market liquidation persists despite rising energy and equity markets. Corn and wheat futures in the United States and Europe are now below pre-Russia-Ukraine conflict levels. Chicago-based research company AgResource indicates that U.S. and global agricultural markets are undervalued as critical row crop growing stages lie just ahead and deepening negative soil moisture anomalies in much of the Central United States, Central Europe and South America are a concern.

AgResource holds that markets are deeply oversold and a recovery is due as the heart of the growing season lies ahead.

The Russian government has altered the calculation of its wheat export tax to be based on rubles instead of U.S. dollars. The base price is now set at 15,000 rubles, which is equal to 285 dollars, compared to the previous base rate of 200 dollars.

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